May 29 2026
Recent Research
Banks, April mortgage approvals: modest growth
May 29 2026
Banks, CCyB remains unchanged
May 28 2026
IRES REIT, Positive AGM statement
May 28 2026
AIB Group, CFO to depart
May 27 2026
Breedon Group
Solid foundations, awaiting the turn
Breedon continues to execute well, building a more diversified and resilient business that has held up well versus other construction related, UK focused names (EBIT CAGR >17% since...
Package holidays
Integrated airlines versus asset-light platforms
The UK holiday market is facing challenges as second order effects from the outbreak of the Middle East war continue to weigh on the sector. Consumer sentiment has shifted, with...
UK housebuilders
Concrete problems
This was a difficult earnings season for the UK housebuilders, dominated by discussions of increased build cost inflation (BCI), lacklustre net private sales rates and, in some cases, the...
Mondi
Re-initiation: turning the page
After a period of investment for growth and significant shareholder returns, Mondi is now focused on delivery against existing assets and reduction of net debt (net debt to adjusted...
Irish economy
Volatile labour force survey at odds with steady payroll gains
We have noted for some time increased uncertainty surrounding the official labour market data, which have been volatile and difficult to interpret due to base effects. The latest Q1...
Dole plc
Model update – Middle East impacts; shares remain undervalued
We are lowering our FY26 and FY27 adjusted EBITDA forecasts by c.4% and c.2% respectively, reflecting the knock-on impact of the Middle East conflict and the lagged nature of...
Capital Goods
Shifting into ‘Neutral’
We complete our shift to ‘Neutral’ on the sector by lowering our recommendation on IMI to ‘Neutral’ from ‘Outperform’ following a period of strong performance. We highlight a potential...
Food and beverage manufacturers
Private label: structurally growing, cyclically supported
Cranswick and Greencore will release their FY26 and H1-26 results on May 19th and 27th respectively. We believe both companies are particularly well positioned, with the themes outlined in...
Irish banks
Banks monthly: framing Ireland’s mortgage opportunity
Ireland’s mortgage market is set to sustain strong growth, driven by structural demand from first-time buyers (FTBs). This is supportive of Irish bank balance sheets and earnings....
